The spreads are a little bit too high. For example, you get a 3 pips spread on EUR/USD.

Leverage is offered depending on an evaluation of the trader, so beginners are not able to start at a 400 leverage, whilst are being offered 1:50-1:200. Overall 1:50-1:400 is available.

Summary

24Option was founded in 2009 initially with Binary Options trading but has expanded to take a strong presence in the Forex trading market.
Accounts require a minimum of $100 to open, and trade Forex and CFD contracts through MT4 and their proprietary platform. With trading offices around the globe, including South Africa, 24Option has become a recognized brand in Forex trading.

Is 24Option Safe?

24Option is regulated by CySEC and compliant with EU financial regulation laws. However, 24Option is not regulated by the South African FSCA, but 24Option clients still benefit from the CySEC.

24Option is a market maker broker. In a dealing desk environment, your orders are matched internally, and the dealing desk broker takes the other side of your trade to offer liquidity immediately. In this execution model, the trade is never sent to the Forex market, when you make a profit the broker is losing money. Since your trading orders are kept internally on the Broker’s book, there is a conflict of interest created.

Account Types

24Option offers their clients a variety of account types which can accommodate the needs of all kinds of traders. With 24Option you have the following five types of accounts that are based on your account balance. With a more extensive account balance, you’ll need different features, so the accounts are tailored to suit the needs of each trader.

Based on my experience, I would strongly recommend that you speak to your agent once they call you after registration and ask for a higher account type as an exception – often this works, and you will be able to obtain a more elevated status despite having deposited a lower amount.

Demo Account

A free Demo account with $10.000 is automatically activated upon registration.

Basic Account

The minimum deposit to open a basic account is just $100. You can use this option to test them out and get your feet wet first before depositing more.

Silver Account

The minimum deposit is $2,500, and it comes with extra features like the “Sentimental, Fundamental, Technical analysis one on one Tutorial” or the “Short, Medium, Long-term explanation of common Trading strategies.” At the same time with this type of account, you’re no longer required to pay any maintenance fee, and you can trade the maximum available lots.

Gold Account

The gold account is the most popular trading account, but you need to put aside $25,000 to be able to access it. With a Golden account, you also have the privilege of a one-on-one MT4 Course. You also have free withdrawal, so you don’t need to pay any extra fee when you withdraw your profits.

Platinum Account

The minimum deposit is a little bit too steep at $100k. However, if it fits your needs and you can commit that kind of money you can give it a try. The platinum account comes with the same features as the Gold account, but you have tighter spreads on this account type.

Diamond Account

For this type of account, you need to commit $250k. Ultimately, you have the same features as the Platinum account.

Trading Platform

24Option has a proprietary trading platform which is easy, fun and intuitive to use. They do support MT4 for those who want a more traditional feel to trading.

Customer Service

Support is available by phone, email and live chat, but the live chat only works sometimes. Help is available 24/5.

The Breakdown

24Option is a regulated Market Maker with a mixed reputation. While they support MT4, the trading conditions need to be improved before any professional traders start using the platform. If you’re looking for a broker that offers a variety of markets, including cryptocurrencies, then 24Option is an excellent choice, but do your research before making a deposit.

Jeff Cammack is the Editorial Director, a Forex trader since 2008, and educator. Always in search of new trading opportunities, Jeff can always be found doing research in the charts or combing through the financial news. When not trading, he is always researching his next article.

Binary Options Brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.